>N\JU> 


[Senate,  No.  21.] 

SENATE,  May  13, 1864. — Read  first  and  second  times,  and  ordered 
to  be  placed  upon  the  calendar  and  printed. 

May  16,  1864 — Considered,  amended  and  ordered  to  be  printed. 

[Mr.  Barnwell,  from  the  Committee  on  Finance.] 


A^     BILL 

To  amend  an  Act  entitled  "an  Act  to  reduce  the  Currency,  and  to- 
authorize  a  new  issue  of  notes  and  bonds ;"  approved  17th  Feb. 
1864. 

1  The   Congress   of  the   Confederate   States   of  Jimerica  do 

2  enact,  That  the  amount  of  Treasury  notes  which  shall  be  is- 

3  sued  under  the  provisions  of  the  act  of   which   this  is  an 

4  amendment,  shall  not  exceed  one  dollar  of  new  issue  for  three 

5  dollars  of  the  old,  which  may  have  been  paid  into  the  Treas- 

6  ury  under  the  provisions  of  the  said  act:    Provided,  That, 

7  this  limitation  shall  not  be  construed  to  restrict  the  authority 

8  of  the  Secretary  to  issue  new  notes  in  exchange  for  old  notes 

9  held  by  individuals,  at  the  rate  of  two  dollars  of   the  new 

10  issue  for  three  dollars  of  the  old  issue,  as  provided  in  the  said 

11  act.     Provided  further,  That  the  Secretary  of  the  Treasury 

12  is  hereby  directed,  on  the  first  day  of  January,  1865,  or  as. 

13  soon  thereafter  as  practicable,  to  reduce  the  amount  of  Treas- 

14  ury  notes  in  circulation  to  two  hundred  million  dollars  ;  and 

15  when  the  circulation  of  said  notes  shall  be  thus  reduced,  the 


2 

16  faith  of  the   Governmeut  is  hereby  pledged  that  the  same 

17  shall  not  be  increased. 

1  Sec.  2.  Instead  of  the  six  per  cent,  bonds,  authorized  to  be 

2  issued  to  the  States,  under  the  12th  section  of  the  said  act.  the 

3  Secretary  of  the  Treasury  is  authorized  to  issue  to  any  State 

4  which  n;ay  desire  the  same,  one-half  of  sucli  amount  as  the 

5  said  State  is  entitled  to  claim  iu  Treasury  notes  of  the  new 

6  issue,  and  the  other  half  in  said' six  per  cent,  lionds;  or.  at  the 

7  option  of  the  State,  in  coupon  bonds,  payable  iu  t^vetlty  years, 

8  with  interest  at  the  rate  of  four  per  cent,  per  annum,  payable 

9  half  yearly ;  the  said  four  per  cent,  bonds  not  to  be  taxable 

10  either  upon  principal  or  interest ;  and  this  provision  shall  ex- 

11  tend  to  any  portion  of  the  amount  which  such  State   may  be 

12  entitled  to  claim. 

1  Sec.  3.  The  Secretary  of  the  Treasury  is,  also,  authorized 

2  to  issue  to  any   person  holding  old  issues  of  Treasury  notes 

3  entitled  to  be  exchanged  for  new  issues,  untaxable  four  per 

4  cent,  bonds  of  the  same   character  described  in  the  section 

5  next  preceding  ;  and  the  exchange  shall  be  made  at  the  same 

6  rate  at  which  the  old  notes  may  be  exchanged  for  those  of 

7  the  new  issue — that  is  to  "say :  the  holder  of  Treasury  notes 

8  of  the  old  issue  shall  be  entitled    to   a   four   per  cent,  bond 

9  exempt  from  taxation,  at  the  rate  of  two  dollars  of  bonds  for 

10  three  dollars  of  notes:  Provided,  That  on  and  after  the  first 

11  day  of  January,  1865,  the  authority    to    make   the  exchanges 

12  mentioned  in  this  section  shall  cease  and  determine. 

1  Sec.  4.  Any  holder  of  four  per  cent,  bonds  or  certificates, 


3 

2  issued  under  the  first  section  of  the  Act  of  which  this  is  an 

t. 

3  amendment,  may  exchange  his  bond  or  certificate  for  a  four 

4  per  cent,  untaxable  bond,  such  as  is  described  in  the  section 

5  next  preceding,  at  the  same  rate  provided  therein  as  to  old 

6  issues— that  is  to  say  :  at  the  rate  of  two  dollars  of  untaxable 

7  bonds  for  three  dollars  of  bonds  or  certificates  issued  under 

8  said  first  section. 

1  Sec.  5.  The  bonds  and  certificates,  mentioned  in  the  second 

2  section  of  the  Act  to  which  this  is  an  amendment,  shall  be 

3  receivable  in  payment  of  all  Government  dues  which  shall 
4-    have  accrued  prior  to  the  first  day  of  January,  1865,  except 

5  export  and  import  duties;    and   for   purposes  of  payment 

6  herein  authorized,  shall  be  transferable  by  delivery. 

1  Sec.  6.  The  bonds  authorized  by  this  Act,  shall  be  in  sugh 

2  form,  and  shall  have  such  authentication  as  may  be  directed 

s 

3  by  regulations  of  the  Secretary  of  the  Treasury. 


